CBN NOVEMBER ECONOMIC REPORT: Here are the numbers that matter

The Central Bank of Nigeria (CBN) on Sunday published its long awaited economic report for November of 2020; Here are Ripples Nigeria picks on key economic issues and figures highlighted.

$100.88 million non-oil export

Proceeds of the top ten non-oil exports for November 2020 was US$100.88 million.

Olam Nigeria Limited topped the list with a value of US$26.65 million followed by Starlink Global and Ideal Limited, with an export value of US$16.49 million and British American Tobacco Nigeria Limited at US$12.57 million .

The fourth major non-oil exporter was Indorama Eleme Fertilizer and Chemicals Limited, with a value of US$9.82 million, Tulip Cocoa Processing Limited, with export value of US$7.66 million was placed fifth position.

The sixth, seventh, eighth, ninth and tenth positions were occupied by Mamuda Industries Nigeria Limited, Metal Recycling Industries Limited, AAK Nigeria Oils and Fats Limited, Armajaro Nigeria Limited, and Valency Agro Nigeria Limited, respectively. These companies earned US$7.21 million, US$6.66 million, US$5.73 million, US$5.00 million, and US$3.07 million respectively in November.

Federal retained revenue drops by 36.3 percent

CBN data showed the Federal Government’s retained revenue for November stood at N284.76 billion in November 2020, indicating a significant drop of 36.3 per cent, relative to N447.35 billion in the corresponding period of 2019.

Read also: Buhari receives Economic Sustainability Committee report

Interesting, CBN data also showed an up shoot of aggregate expenditure to N905.26 billion from N738.71 billion as at 2019, giving an insight into how Nigeria’s fiscal deficit has continued to expand.

CBN records a drop in FX net outflow

Aggregate foreign exchange inflow into the economy was US$5.70 billion, a decrease of 13.3 percent and 62.0per cent, below the respective levels in the preceding month and the corresponding month of 2019.

Foreign exchange outflow through the economy fell by 24.6 percent and 66.6 percent to US$1.96 billion, below the levels of US$2.60 billion and US$5.87 billion, respectively, in the preceding month and the corresponding period of 2019.

Overall, foreign exchange flows through the Bank in the review period resulted in a net outflow of US$0.73 billion, compared with US$0.46 billion and US$0.41 billion in October 2020 and November 2019, respectively

Net FX outflow being the difference between inflows and outflows in Novemeber.

The implication of drop in net FX outflows is that it invites pressure on the exchange rate.

As the period under review indicated, the average value of naira to the dollar dropped by 0.3 percent at the interbank segment of the foreign exchange market to N381.00/US$, relative to the level in the preceding month.

At the black market segment, Naira depreciated by 2.9 percent below the level in the preceding month to ₦472.74/US$.

By David Ibemere…

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